If every country uses tariffs, everyone is likely to lose
a. True
b. False
Indicate whether the statement is true or false
True
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The multiplier effect suggests that:
A. a ripple effect occurs from one person's initial spending. B. government spending $1 will create more than a $1 increase in GDP. C. a tax cut will increase GDP by more than the amount of the initial tax cut. D. All of these are true.
The quantity of reserves demanded decreases as the federal funds rate rises because
a. people want more liquid assets as the federal funds rate rises. b. the price of bonds rise as the federal funds rate rises. c. the opportunity cost of holding excess reserves increases as the federal funds rate rises. d. people want more money to invest as the federal funds rate rises.
A basic characteristic of a command system is that:
A. government planners play a limited role in deciding what goods will be produced. B. wages paid to labor are higher. C. government owns most economic resources. D. markets function mostly free from government intervention.
The assumption under perfect competition of a "homogeneous product" means that
A. that no firm can charge more than another for its product. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly the same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.